Legal Research Home > Texas Lawyer > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Article 3.39a. Life Insurance Company Prohibited From Subscribing To Or Underwriting Purchase Or Sale Of Securities Or Property

Art. 3.39a. LIFE INSURANCE COMPANY PROHIBITED FROM SUBSCRIBING TO OR UNDERWRITING PURCHASE OR SALE OF SECURITIES OR PROPERTY. Article repealed effective April 1, 2007 No life insurance company organized under the laws of this state shall subscribe to, or participate in, any underwriting of the purchase or sale of securities or property or enter into any such transaction for such purpose, or sell on account of such company jointly with any other person, firm or corporation, nor shall any such company enter into any agreement to withhold from sale any of its property, but the disposition of its property shall be at all times within the control of its Board of Directors. Added by Acts 1961, 57th Leg., p. 925, ch. 410, Sec. 2.

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Last modified: August 10, 2007